Active Stocks: Abeona Therapeutics Inc. [NASDAQ: ABEO] started the week with a huge surge in value. The stock closed Tuesday’s session with gains of 90.91% and traded some recorded volume of 23,159,736 shares. This momentum was very strong yesterday and in pre-market its been bouncing around from green to red.
This strong bullish move happened yesterday after the company announced that it has retained Jefferies LLC as its financial advisor. ABEO, which is a market leader in gene and cell therapy, announced that Jefferies LLC will continue offering advice on strategic options. The goal is to help ABEO review strategic options for advancing the company’s mission and maximize shareholder value.
ABEO has now started a process that will see it explore a number of strategic options that include partnering its pre-clinical and clinical programs, as well as mergers. According to the company CEO, Joao Siffert, the company is well-positioned to explore a variety of opportunities, improve the structure of its capital, accelerate the development of candidates towards commercialization, and seek strategic partnerships. He also stated that the company has four clinical-stage programs, a talented team, and the facilities to advance its capacity in genetic medicine. To add to this, the company chairman, Mr. Steven Rouhandeh stated that, the management team and all the company’s employees have come up with several programs that are very helpful to patients.
Nonetheless, there are no guarantees that the strategic review it has provided will lead to the selection of a specific action. However, if yesterday’s price action is anything to go by, then it is clear that the market is excited and bullish on this news. Investors could be expecting some more moves to happen after this strategic review. This is evident in the stock’s options market, in which, ABEO’s Sep 20th Call option had the highest volatility compared to all other equities. It’s an indicator that investors expect a move in this stock in the short term.
Looking at ABEO’s price in pre-market trading, the stock is still trading within Tuesday’s range of $1.8528 and $3.3300. Volumes at yesterday’s close also reflected massive investor interest in this stock, and stood at 23. 1 million shares.